There's one sponsor that had 40 MHP, with 20 gone full cycle already.

The upside was when the market cycles your hard work would be rewarded with an equity gain with selling price increase.Today there is so much capital these deals are not easily found.

If you have laundry facilities, establish rules as to their use, IE not overloading the machines, removing clothing when cycle is complete, etc.

I have also serviced the real estate industry for 20+ years and this will be my third cycle and I have seen super smart people get obliterated.

The same will be true over the next 20 year cycle, COVID or not.  

Was in 20+ CRE deal last year and 5 went full cycle, all over 30% ARR.  

Inherited tenants are often difficult to work with anyways, so may not be so bad to cycle through.We adjust rents in spring, but I would not wait for that.

Also, the type of market you describe is more of the recent exuberant market cycle (CA is generally a momentum state), which CA has the pleasure of enjoying once in a while, where other, more generally stable markets (many Midwest markets being in the stable category).

This QE->QT->QE is doom loop cycle. 

You can still sell to investors but the sale cycle is quite a bit longer so the discounts expected are quite a bit deeper.